REPORT 


OF  THE 


COMMITTEE  OF  INVESTIGATION 


OF  THE 


BOSTON,  CONCORD  AND  MONTREAL  RAILROAD, 


TO  THE 


STOCKHOLDERS, 


MARCH,  1857. 


CONCORD: 

STEAM  PRINTING  WORKS  OF  McFARLAND  &  JENKS, 

PHENIX  BLOCK,  MAIN  STREET. 

1857. 


Digitized  by  the  Internet  Archive 
in  2017  with  funding  from 

University  of  Illinois  Urbana-Champaign  Alternates 


https://archive.org/details/reportofcommitte00bost_5 


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«  Oa.^ 


REPORT. 


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At  a  meeting  of  the  Corporation,  held  at  Concord  on  the  fifth  day 
of  February  last,  a  Committee  was  appointed,  with  liberty  to  fill  vacan¬ 
cies,  “  to  investigate  the  affairs  of  the  Corporation,  procure  an  accu¬ 
rate  valuation  of  the  property,  a  complete  list  of  all  the  liabilities 
with  their  origin  and  character  and  the  rate  of  interest  secured  upon 
each  of  them,  an  estimate  of  the  future  income  of  the  Road,  with 
full  power  to  investigate,  searchingly,  all  the  affairs  of  the  Corpora¬ 
tion,  and  recommend  at  an  adjourned  meeting  of  the  stockholders, 
to  be  held  on  the  first  Thursday  of  April  next,  at  this  place,  in  what 
manner  the  floating  debt  of  the  Corporation  may  be  forthwith  prompt¬ 
ly  and  honorably  paid,  and  the  best  course  to  he  adopted  for  that 
purpose.”  Mr.  Reding,  who  was  one  of  that  Committee,  being  un- 
a  able  to  attend  on  account  of  other  engagements,  Mr.  Cate  was  sub¬ 
stituted  in  his  place.  The  Committee,  as  thus  constituted,  at  once 
proceeded  to  the  discharge  of  the  duties  assigned  them,  and  now  sub¬ 
mit  their  Report. 

Though  the  terms  of  the  resolution  appointing  this  Committee  in¬ 
clude  a  general  examination  of  all  the  affairs  of  the  Corporation,  yet 
they  refer  more  particularly  to  such  matters  as  relate  to  the  liabilities 
O  of  the  Corporation,  its  resources  for  and  the  best  course  to  accom¬ 
pli  plish  a  settlement  of  them,  and  to  the  future  prospects  of  the  Road. 

It  has  not  been  supposed  by  the  Committee  that  it  was  the  design  of 
the  resolution  to  impose  upon  them  the  duties  of  a  regular  auditing 
rt  of  all  the  accounts  of  the  Corporation  from  its  commencement.  Such 
£~>^a  course  would  require  a  much  greater  period  of  time  than  that  al¬ 
lowed  by  the  adjournment  of  the  meeting  to  the  day  mentioned  for 
the  purpose  of  receiving  the  report  of  the  Committee,  and  would 
involve  a  large  expense.  Besides,  a  regular  auditing  of  the  accounts 
of  the  Corporation  up  to  April  1,  1854,  was  made  by  a  former  Com¬ 
mittee,  appointed  by  the  stockholders  for  that  purpose,  who  made 


i  V 

V 

V 

1 

SJ 


4 


their  report  at  the  annual  meeting  held  at  Plymouth,  June  20, 1854. 
Under  these  circumstances  this  Committee  have  not  thought  it  neces- 
sary  or  advisable  to  incur  the  expense  and  delay  of  such  an  auditing 
at  this  time.  They  have,  however,  made  examinations  of  different 
accounts  with  their  vouchers,  particularly  of  those  arising  since  the 
first  of  April,  1854,  at  which  time  the  examinations  of  the  former 
Committee  ended,  for  the  purpose  of  testing  and  sufficiently  to  satisfy 
them  of  the  correctness  of  the  books  in  the  offices  of  the  Treasurer 
and  the  Superintendent.  And  the  Committee  have  made  examina¬ 
tions  of  all  the  accounts,  without  reference  to  time,  relative  to  such 
particular  transactions  as  it  seemed  to  them  desirable  to  have  fully 
investigated. 

The  correctness  and  accuracy  of  the  accounts  in  the  offices  men¬ 
tioned  deserve  commendation.  The  books  in  the  Treasurer’s  office 
are  necessarily  the  great  source  of  information  and  check  against 
error  in  the  pecuniary  affairs  of  the  Corporation.  But  the  accounts 
of  the  current  operations  of  the  Road  pass  through  the  office  of  the 
Superintendent,  and  the  Committee  have  been  much  pleased  with 
the  very  systematic  manner  in  which  those  accounts  have  been  kept. 
They  can  not  conceive  of  a  system  of  accounts  better  adapted  or  more 
effectual  to  secure  a  strict  accountability  on  the  part  of  all  the  em¬ 
ployees  of  the  Road,  in  the  various  departments  of  its  operative  force, 
for  all  moneys  or  other  property  of  the  Road  in  their  hands  or  under 
their  charge.  In  connection  with  this  subject  the  Committee  would 
remark  that  the  auditings  of  accounts  which  have  heretofore  been 
made  by  the  Committees  of  the  Directors  and  of  the  Stockholders,  ap¬ 
pear  to  have  been  confined  to  the  accounts  in  the  Treasurer’s  office. 
But  those  in  the  office  of  the  Superintendent  are  important,  and  we 
therefore  recommend,  in  future,  similar  auditings  of  them  in  connec¬ 
tion  with  those  of  the  Treasurer. 

The  duties  assigned  to  the  Committee  have  necessarily  involved  a 
review  by  them,  to  a  great  extent,  of  the  past  management  of  the, 
affairs  of  the  Corporation.  They  have  given  particular  attention  to 
such  matters  as  have  appeared  to  them,  or  been  suggested  by  others, 
as  deserving  more  full  examination.  But  after  the  investigations 
made  by  them,  there  are  only  a  few  past  transactions  to  which  the 
Committee  think  there  is  any  occasion  to  call  the  attention  of  the 
stockholders  at  this  time.  These  will  be  mentioned  hereafter. 

In  order  to  present  in  a  more  intelligible  manner  the  various  mat¬ 
ters  to  which  the  attention  of  the  Committee  has  been  directed,  they 
are  arranged  under  appropriate  heads. 


5 


Woodlands  and  Wood  at  Warren. 

The  Corporation  own  about  7,800  acres  of  wood-land  in  Warren  and 
Benton.  They  were  purchased,  mainly,  prior  to  1853,  at  the  total 
cost  of  $22,9  L4. 54.  Since  the  spring  of  1853  very  nearly  all  the 
lumber,  sleepers  and  wood  required  for  the  use  of  the  Hoad  through¬ 
out  its  whole  length,  have  been  obtained  from  those  lands.  The 
object  of  the  Directors  in  the  purchase  of  them  was  to  provide  a  sure 
supply  of  wood  and  lumber  for  the  present  and  future  use  of  the 
Boad,  at  a  less  price  than  it  was  supposed  they  could  be  obtained 
from  other  sources. 

The  former  Wood  Agent  of  the  Road,  under  whose  directions  the 
operations  at  Warren  have  heretofore  been  conducted,  has  reckoned 
the  expense  of  the  wood  obtained  for  the  use  of  the  Road  from  the 
lands  of  the  Corporation  there,  at  an  amount  per  cord,  which,  if  cor¬ 
rect,  would  show  a  result  in  those  operations  favorable  to  the  Road. 
But  on  examination  of  the  matter,  the  Committee  are  satisfied  that 
his  calculations  are  incorrect,  and  that  the  expense  of  the  wood  has 
been  greater  than  he  has  supposed.  This  appears  to  be  clearly  shown 
by  the  fact  that  a  recent  settlement  of  his  accounts  as  Agent  shows  a 
deficiency  in  the  wood  department  of  over  $12,500,  which  is  one 
ninth  of  $110,000,  the  whole  amount  of  the  operations  conducted  by 
him.  This  deficiency  probably  arises,  to  a  considerable  extent,  from 
an  under  estimate  of  the  expense  of  the  wood  charged  out  for  the 
use  of  the  Road,  though  it  is,  in  part,  owing  to  waste  and  other 
causes.  But  the  addition  of  the  amount  of  this  deficiency  will  not 
make  the  whole  of  the  actual  cost  of  the  wood  to  the  Road.  That 
would  show  only  the  expenditures  in  getting  the  wood  from  the  land 
and  preparing  it  for  use.  It  includes  nothing  for  interest  on  the 
money  invested,  for  depreciation  in  the  value  of  the  land  by  the  wood 
cut  off,  or  for  loss  on  tools  and  materials  used,  and  on  improvements 
made  but  which  will  be  valueless  when  the  wood  is  once  removed ; 
which  are  important  considerations  in  determining  the  actual  cost  of 
the  wood.  Much  of  the  work  in  these  operations  has  been  done 
directly  by  the  Corporation.  This  course  has  rendered  them  more 
expensive  than  they  would  have  been  if  conducted  by  individual  en¬ 
terprise.  The  necessity  of  agents  to  take  charge  of  the  work  for  the 
Corporation,  and  the  want  of  that  strict  economy  and  careful  over¬ 
sight  which  personal  interest  only  will  effectually  secure,  render  the 
performance  of  such  work  by  contract,  in  general,  much  preferable 
for  corporations. 

With  these  considerations,  and  from  the  investigations  made  by 


6 


them,  the  Committee  regard  the  past  wood  operations  at  Warren  as 
unfavorable  to  the  Road,  in  rendering  the  actual  cost  of  the  wood 
greater  than  that  at  which,  probably,  much  if  not  all  required  for  the 
use  of  the  Road  might  have  been  obtained  by  purchase.  But  they 
regard  the  original  purchase  of  these  wood-lands  more  favorably. 
Hereafter,  when  the  constant  and  rapid  consumption  of  the  wood  on 
the  line  of  the  Road  shall,  as  it  must,  have  rendered  the  necessary 
supply  more  difficult  and  expensive,  these  lands  will  probably  prove 
a  desirable  and  valuable  acquisition.  Apart  from  the  consideration 
that  the  pecuniary  condition  of  the  Corporation  has  rendered  the  ap¬ 
plication  of  all  its  resources  to  its  present  necessities  very  desirable, 
the  Committee  consider  the  purchase  of  a  portion  of  these  lands,  as  a 
provision  for  the  future,  a  beneficial  measure  for  the  Road. 

Another  objection  to  the  actual  operations  at  Warren  has  been  the 
extent  to  which  they  have  been  carried  on.  This  will  appear  from 
the  large  balance  of  wood  and  lumber  reported  as  being  on  hand  at 
the  commencement  of  the  present  fiscal  year  —  sufficient  for  the  use 
of  the  Road,  at  the  rate  of  consumption  in  past  years,  for  nearly 
eighteen  months  to  come  —  and  this  although  considerable  sales  off 
the  Road  had  been  made  during  the  past  years.  This  large  amount 
of  materials  had  been  paid  for  by  the  Road,  and  consequently  had 
contributed  to  increase  the  expenses  from  which  the  present  indebt¬ 
edness  of  the  Corporation  has  arisen. 

The  Committee  express  their  views  with  more  confidence  because 
they  seem  approved  by  the  change  recently  made  by  the  Directors 
in  this  matter.  The  operation  of  the  work  by  the  Corporation  has 
been  discontinued,  and  whatever  is  hereafter  done  is  to  be  by  con- 
/  tract,  and  furthermore,  is  to  be  diminished  so  to  reduce  the  large 
amount  of  materials  on  hand.  The  Committee  would  recommend  an 
entire  discontinuance  of  operations  until  it  shall  be  more  satisfactorily 
ascertained  by  trial,  whether  all  the  wood  and  lumber  required  for 
the  present  use  of  the  Road  can  not  be  obtained  at  cheaper  rates  by 
purchase.  They  do  not  advise  the  sale  of  the  wood-lands,  but  to  re¬ 
tain  them  so  that  operations  may  be  resumed  on  them  hereafter,  when 
and  to  such  an  extent  as  the  want  of  a  proper  supply  in  the  market 
or  increased  prices  shall  render  advisable  —  and  then  they  should  be 
by  contract,  under  proposals,  with  individuals  and  not  by  the  Corpo¬ 
ration  itself. 

The  attention  of  the  Committee  has  been  called  to  certain  contracts 
relative  to  the  preparation  of  lumber  for  the  Road,  at  the  mills  in 
Warren.  From  the  examinations  made,  these  contracts  appear 


7 


unfavorable  to  the  Road.  They  recommend  them  for  the  attention 
of  the  Directors. 


Stock  and  Bond  Operations. 

From  the  records  of  the  Directors  it  appears  that  in  1851  a  propo¬ 
sition  was  made  to  them  by  a  broker  in  Boston,  relative  to  certain 
operations  connected  with  the  stock  of  this  Road.  The  terms  of  that 
proposition  are  not  stated,  but  they  are  understood  to  have  had  refer¬ 
ence  to  sustaining  the  price  of  the  stock  in  the  market.  By  a  vote 
of  the  Directors,  January  16,  1851,  the  matter  was  referred  to  the 
President  and  the  Finance  Agent,  with  full  power  to  act  in  the  prem¬ 
ises.  No  farther  reference  to  the  matter  is  found  on  the  records 
until  April  11,  1855,  when  a  report  was  made  to  the  Directors  on 
the  subject. 

On  investigation  by  the  Committee,  it  appears  that  the  arrange¬ 
ment  and  transactions  which  have  been  had  under  the  vote  of  the 
Directors  above  mentioned,  have  been  under  the  direction  and  charge 
of  the  Finance  Agent.  On  inquiry  of  him  he  states  that  the  ar¬ 
rangement  made  was,  in  brief,  that  the  parties  were  to  be  saved  by 
this  Corporation  from  loss  in  any  purchases  they  might  make  of  its 
stock.  It  was  not  to  be  an  indemnity  against  loss  on  a  final  account 
of  losses  and  gains  in  all  purchases  and  sales  made,  but  on  each  pur¬ 
chase  by  itself.  He  farther  states  that  purchases  and  sales  of  stock 
to  a  large  amount  in  the  aggregate  were  made  by  the  parties  without 
any  claim  against  this  Corporation  for  any  loss,  under  the  arrange¬ 
ment  ;  but  during  the  course  of  the  transactions,  he,  as  Finance 
Agent,  made  advances  of  money  to  aid  in  carrying  some  of  the  stock 
on  hand,  taking  transfers  of  the  stock  as  security.  In  this  way  611 
shares  of  old  stock  came  under  his  control,  some  years  since.  Sub¬ 
sequently,  these  shares  were  transferred  into  new  stock ;  and  after¬ 
ward,  in  pursuance  of  a  vote  of  the  Directors,  October  17,  1855,  292 
shares  of  that  new  stock  were  transferred  into  preferred  stock.  These 
transfers  are  the  same  mentioned  in  the  statements  of  the  capital 
stock  account  accompanying  this  Report,  as  made  by  special  direc¬ 
tions.  They  were  made  without  any  payment  of  money,  as  required 
in  other  cases.  There  are  309  shares  of  preferred  and  342  shares  of 
new  stock  now  held  and  standing  mostly  in  the  name  of  a  trustee  for 
the  Finance  Agent,  under  the  above  arrangement,  as  he  states.  The 
amount  which  has  been  advanced  by  him  on  account  of  them  is 
stated  to  be  $25,893,  which  is  stated  as  the  cost  of  the  shares  origin¬ 
ally  purchased  by  the  parties  and  from  which  these  came  as  above 


8 


stated.  As  this  is  more  than  the  present  market  value  of  the  stock, 
even  as  it  now  stands,  under  the  arrangement  stated  by  the  Finance 
Agent  the  parties  will  not,  probably,  take  it  again,  and  therefore  it 
has  in  effect  become  the  property  of  the  Corporation. 

From  farther  statements  of  the  Finance  Agent,  it  appears  that 
subsequently  to  the  commencement  of  the  above  operations  in  the 
stock  of  the  Road,  the  same  arrangement  was  extended  to  its  bonds 
— the  parties  to  be  indemnified  against  loss,  and  to  be  allowed  the 
coupons  for  interest  falling  due  while  held  by  them,  for  interest  on 
the  money  used  in  the  purchase  of  them.  The  amount  of  bonds  now 
held  under  this  arrangement  is  $59,700,  purchased  at  an  alleged  cost 
of  $48,384.  As  this  is  above  the  present  market  value  of  the  bonds, 
there  is  a  liability  to  a  claim  for  loss  on  them,  under  the  arrange¬ 
ment  stated  by  the  Finance  Agent.  Some  advances  of  money  have 
been  made  by  him  on  account  of  these  operations  also. 

The  object  of  the  above  arrangements,  with  reference  to  the  Road, 
was  to  sustain  the  price  of  its  stock  and  bonds  in  the  market,  which 
was  deemed  to  be  very  desirable  for  the  credit  of  the  Corporation, 
and  particularly  to  enable  it  to  make  more  favorable  negotiations  of 
its  unsold  stock  and  bonds,  to  raise  means  to  carry  on  the  construction 
of  the  Road.  It  is  understood  that  measures  for  similar  purposes 
have,  to  some  extent,  been  adopted  by  other  Corporations;  and  the 
Finance  Agent  expresses  a  confident  opinion  that  these  operations 
have  been  highly  beneficial  to  this  Corporation,  in  the  respect  men¬ 
tioned.  But  apart  from  the  general  question  of  the  expediency  and 
propriety  of  such  measures,  the  terms  of  the  arrangements  in  this  case 
seem  to  the  Committee  very  unequal^  and  unfavorable  to  the  Corpora¬ 
tion.  Had  all  the  purchases  and  sales  been  under  the  direction  of 
the  Corporation,  and  the  indemnity  been  only  against  a  final  loss  in 
the  whole  transactions,  it  would  seem  more  favorable.  But  the 
parties  were  at  liberty  to  buy  and  sell  at  their  own  discretion,  with 
the  benefit  of  all  the  gains  to  themselves,  and  the  risk  of  all  the  losses 
to  the  Corporation. 

The  Finance  Agent  states  that  these  arrangements  were  made, 
verbally,  by  him  —  that  the  minutes  of  the  various  transactions  have 
not  been  preserved  —  and  there  are  no  records  concerning  them. 
The  books  in  the  Treasurer’s  office  do  not  contain  any  minutes  of 
them,  or  of  any  money  of  the  Corporation  being  involved  in  them, 
as  no  accounts  of  the  same  have  been  made  by  the  Finance  Agent  to 
him.  Under  these  circumstances  the  Committee  could  not  make  any 


9 


particular  investigation  of  them,  and  the  only  assurance  of  their  cor¬ 
rectness  throughout,  is  the  general  statement  of  the  Finance  Agent. 

From  the  accounts  in  the  Treasurer’s  office,  the  Committee  esti¬ 
mate  the  balance  due  on  the  31st  day  of  December  last,  from 
the  Superintendent,  $9,689.28,  and  from  him  as  Finance  Agent, 
$33,075.04,  making  in  all,  $42,764.32.  For  most  of  this  he  ac¬ 
counts,  generally,  to  the  Committee  by  the  advances  made  on  the 
stock  and  bonds  as  above  mentioned ;  and  claims  to  adjust  these 
balances  only  on  a  final  close  and  settlement  of  those  operations.  The 
Committee  recommend  that  such  a  settlement  be  made  as  soon  as 
practicable,  by  paying  the  balance  required  and  taking  the  stock  and 
bonds.  That  balance,  according  to  the  statement  by  the  Finance 
Agent,  of  the  cost  of  the  stock  and  bonds,  and  the  estimate  of  the 
balances  due  from  him  as  above  stated,  will  be  about  $31,500.  By 
this  course  the  loss  in  the  operations  will  be  materially  reduced. 
The  sale  of  the  stock  and  bonds  in  the  market  at  the  present  time 
would  involve  a  large  amount  of  loss,  for  which,  by  the  agreement 
stated  by  the  Finance  Agent,  the  Corporation  is  made  liable. 

Capital  Stock. 

The  different  classes  of  stock — old,  new  and  preferred  —  and  the 
various  terms  under  which  they  have  been  created,  necessarily  ren¬ 
der  the  stock  accounts  of  the  Corporation  intricate  and  confused. 
The  Committee  have  examined  them,  and  present  a  brief  statement 
of  the  different  classes  —  see  Appendix,  A.  That  shows  the  changes 
in  the  classes  since  April  1st,  1854,  and  the  amount  in  cash  on 
the  first  day  of  February  last  —  making  a  total  amount  in  all  of 
$1,809,032.35.  An  explanation  of  the  transfers  in  the  preferred  and 
new  stock,  mentioned  as  by  “  special  directions,”  has  been  given  in  a 
former  part  of  this  Report. 

Receipts  and  Expenditures. 

The  stockholders  probably  wish  to  see  a  statement  of  the  receipts 
and  expenditures  of  the  Corporation,  in  a  more  distinct  form  than  is 
given  in  the  annual  Reports  of*  the  Directors.  The  Committee  have 
therefore  had  such  prepared,  showing  in  brief  all  the  receipts  into 
the  treasury  and  expenditures  therefrom  from  April  1st,  1854,  to 
February  1st,  last,  being  the  period  since  the  time  to  which  the  ex¬ 
aminations  of  the  former  investigating  Committee  of  the  Stockhold¬ 
ers  extended.  This  will  be  found  in  the  Appendix,  B,  and  exhib¬ 
its  correctly  the  cash  operations  of  the  treasury  during  the  time 
specified.  The  statement  does  not  include  the  net  income  of  the 


10 


Road  since  October  last,  because  at  the  time  it  was  prepared  the  ac¬ 
counts  of  the  same  bad  not  been  made  up  and  returned  to  the  Treas¬ 
urer.  Those  for  the  months  of  November  and  December  have  since 
been  received,  and  show  a  net  income  of  $19,000.39. 

Officers  and  Salaries. 

A  list  of  the  officers  and  employees  in  the  pay  of  the  Corporation 
in  the  month  of  December  last,  with  their  rates  of  pay,  is  given  in 
the  Appendix,  C.  It  will  be  observed  that  some  were  casual  labor¬ 
ers  employed  for  a  temporary  purpose,  but  most  of  them  were  in 
constant  employment  and  formed  the  regular  force  of  the  Road. 

The  Directors  have  no  fixed  pay,  but  are  allowed  two  dollars  per 
day  and  necessary  expenses,  when  employed  in  the  business  of  the 
Road.  Inquiries  have  been  made  whether  the  President  or  any  of 
the  Directors  received  any  pay  for  signing  the  notes  of  the  Corpora¬ 
tion,  or  any  commission  on  moneys  raised  for  its  use  ;  and  the  Com¬ 
mittee  have  made  investigations  on  that  point.  The  President  and 
Mr.  Coffin,  a  Director,  have  been  sureties  and  indorsers  on  the  notes 
of  the  Corporation  for  a  long  time  past.  The  liabilities  assumed  by 
them  for  the  benefit  of  the  Road  have  been  about  $200,000  during 
all  the  time  for  several  years;  and  for  all  this  they  have  not  received, 
and  until  recently  have  not  claimed  any  compensation.  By  a  vote  of 
the  Directors,  Nov.  27th  last,  they  were  to  be  allowed,  each,  one 
fourth  of  one  per  cent,  on  the  amount  of  all  notes  of  the  Corpora¬ 
tion  thereafter  signed  by  them  as  sureties  or  indorsers ;  and  that  al¬ 
lowance  on  the  notes  signed  by  them  since  that  time  to  Feb.  1st,  last, 
would  amount  to  about  $375  to  both.  All  occasion  for  such  allow¬ 
ance  in  future  will  be  avoided  by  the  payment  of  the  floating  debt. 

The  notes  of  the  Corporation  have  been,  to  a  great  extent,  signed 
and  indorsed  by  the  late  Finance  Agent  of  the  Road  also,  in  connec¬ 
tion  with  the  President  and  Mr.  Coffin.  In  1854  an  allowance  of 
$2,000  in  preferred  stock,  in  addition  to  his  salary  as  Superintend¬ 
ent,  was  made  to  him  by  the  Directors  for  his  various  services  as  Fi¬ 
nance  Agent  up  to  that  time.  And  on  the  various  notes  which  have 
from  time  to  time  been  negotiated  by  him  out  of  the  State,  for  the 
Road,  a  brokerage  of  one  fourth  of  one  per  cent,  has  been  charged, 
but  for  whose  benefit  does  not  appear.  The  vote  of  the  Directors 
above  mentioned,  making  an  allowance  for  signing  notes,  allows  him 
also  one  fourth  of  one  per  cent,  on  the  amount  of  all  thereafter  sign¬ 
ed  by  him,  which  allowance  would  be  about  $187.50  up  to  February 
1st,  last. 


11 


The  subject  of  tbe  number  and  compensation  of  the  employees  of 
the  Road  is  one  of  much  inquiry  by  stockholders,  and  about  which 
they  probably  expect  an  examination  and  report  by  this  Committee. 
The  question  of  the  necessary  number  and  proper  compensation  of 
such  employees  is,  ordinarily,  one  particularly  proper  for  the  judg¬ 
ment  of  the  Directors,  whose  familiarity  with  the  requirements  of  the 
business  of  the  Road  and  with  the  duties  and  capacities  of  its  em¬ 
ployees,  render  them  most  competent  to  determine  it.  There  should,  of 
course,  be  the  same  strict  economy  in  this  as  in  every  branch  of  its 
business,  but  a  want  of  proper  force,  or  a  compensation  insufficient  to 
engage  persons  with  the  proper  degree  of  skill  and  care,  is  far  from 
being  economy.  In  a  business  like  that  of  a  railroad,  where  slight 
defects  of  skill  and  care  may  be  attended  with  so  disastrous  conse¬ 
quences,  a  proper  regard  for  pecuniary  interests  only,  render  it  desira¬ 
ble  that  there  should  be  a  sufficient  force  of  competent  and  careful 
employees;  and  no  expense  necessary  for  that  purpose  should  be 
regarded. 

The  Committee  presume  that  now,  as  the  Road  is  completed  and 
its  business  become  more  established,  a  reduction  of  force  may  be 
proper  and  desirable.  This  matter  generally  is  recommended  for  the 
consideration  of  the  Directors.  The  Committee,  however,  would  call 
particular  attention  to  the  office  of  Engineer.  As  there  is  a  Ptoad- 
master,  the  necessity  of  the  former  officer  is  not  seen,  and  no  reason 
occurs  to  the  Committee  why  that  office  should  be  retained  on  this 
Road,  when  it  has  been  discontinued  by  others  in  this  State.  They 
would  also  suggest  whether,  with  the  changes  now  made  and  proposed 
in  the  operations  of  the  wood  department,  the  duties  now  discharged 
by  the  Wood  Agent  may  not  be  attended  to  by  other  employees  of  the 
Road,  under  the  supervision  of  the  Superintendent,  and  thus  save  the 
expense  of  that  agent. 

In  connection  with  this  subject  there  is  another  matter  to  which  the 
Committee  think  proper  to  allude.  In  the  course  of  their  investiga¬ 
tions  they  have  observed  several  instances  of  employees  of  the  Road 
being  interested  in  contracts  with  it.  Formerly,  an  agent  of  the 
Road  was  a  member  of  a  company  with  which  he,  as  such  agent,  was 
conducting  extensive  and  important  business  —  and  at  this  time  there 
are  several  instances  of  nearly  a  similar  character.  Such  different 
relations  to  the  Road  do  not  necessarily  involve  any  wrong,  but  they 
are  inconsistent  with  each  other  —  give  rise  to  suspicions  —  and  ex¬ 
pose  to  abuse.  No  employee,  certainly,  should  have  any  interests  op¬ 
posed  to  those  of  the  Road.  The  only  safe  course  is  a  general  rule, 


12 


which  the  Committee  recommend,  that  no  employee  of  the  Road  shall 
be  directly  or  indirectly  interested  in  any  contract  with  it,  except  for 
the  services  for  which  he  is  particularly  employed. 

Property. 

Roadway.  This  consists  of  93T5IJ1060.  miles  of  main,  and 
of  side  track ;  making  98§  miles  in  all.  The  cost,  exclusive  of  inter¬ 
est  and  discounts,  of  this  together  with  the  depot  buildings  and  fur¬ 
niture  therein,  water  works  and  other  fixed  property,  has  been 
$2,183,360.13. 

The  season  of  the  year  has  prevented  a  very  thorough  examination 
of  the  roadway  by  the  Committee.  They  have,  however,  passed  over 
it,  making  such  examinations  as  might  be ;  and  from  them  and  such 
information  as  the  Committee  have  been  able  to  obtain  from  other 
sources,  they  believe  it  to  be  in  good  condition.  Though  the  Road 
was  opened  for  public  use  throughout  its  whole  length  more  than 
three  years  since,  yet  its  construction  was  not  then  finished.  Many 
things  involving  much  expense  remained  to  be  done,  to  place  the  road¬ 
way  in  that  permanent  condition  which  becomes  a  finished  Road.  But 
now  most  of  them  have  been  done,  and  with  a  few  unimportant  ex¬ 
ceptions  the  roadway  may  be  considered  as  finished,  and  the  construc¬ 
tion  account  closed.  It  is  but  justice  to  the  Superintendent  to  say 
that  it  has  never  before  been  in  so  good  condition,  as  it  is  at  this  time. 

A  descriptive  list  of  the  depot  and  other  buildings  accompanies 
this  Report — Appendix,  D.  The  Committee  have  examined  and 
find  them  to  be  in  good  condition,  and,  in  their  opinion,  sufficient, 
with  the  exceptions  hereinafter  stated,  for  the  present  requirements 
of  the  Road.  The  recent  destruction  by  fire  of  the  engine  house  and 
machine  shop  at  Lake  Village  will  render  new  ones  necessary.  The 
insurance  on  those  burned  will,  it  is  supposed,  be  nearly  sufficient  to 
pay  for  the  construction  of  as  good  new  ones,  required  in  their  place. 
The  Corporation  has  no  Engine  house  at  Concord.  It  has  always 
been  and  still  is  accommodated  with  room  for  its  engines  in  the  en¬ 
gine  house  of  the  Northern  Railroad,  for  which  a  rent  of  $400  per 
year  is  paid.  So  long  as  that  accommodation  is  continued  an  engine 
house  will  not  be  needed.  But  should  the  wants  of  the  Northern 
Railroad  at  any  time  render  it  necessary  to  discontinue  the  use  of 
their  house  by  this  Road,  a  new  building  for  that  purpose  will  be 
necessary.  The  Corporation  now  owns  land  on  which  it  can  be 
built  whenever  necessary,  and  the  cost  of  a  proper  building  with  suit¬ 
able  fixtures,  is  estimated  by  the  Superintendent  at  less  than  $4,750. 


13 


Equipment.  The  accompanying  Inventory  —  Appendix,  E,  shows 
the  different  articles  of  the  equipment  of  the  Road  on  the  first 
day  of  January  last,  with  their  condition  and  estimated  values. 

In  the  opinion  of  the  Superintendent  the  equipment  at  that  time 
was  sufficient  for  the  present  business  of  the  road.  But  the  fire  at 
Lake  Village  has  since  made  some  change.  Four  engines  —  the 
“  Moosilauke,”  “Old  Man/’  “  Quincey,”  and  “Pehanugun”  — were 
in  the  buildings  burned  at  the  time  of  the  fire,  and  were  more  or  less 
injured.  The  master  mechanic  estimates  the  injury  to  those  engines 
at  $11,600.  Of  this  amount  $9,056.33  is  covered  by  insurance,  thus 
leaving  the  actual  loss  to  the  Corporation  on  them  only  $2,543.67. 
He  also  estimates  the  loss  by  the  fire,  on  the  machinery  and  tools  in 
the  shops,  at  $3,923,  of  which  a  little  more  than  one  half  is  covered 
by  insurance.  The  values  specified  in  the  inventory  are  as  estimated 
by  the  master  mechanic  and  the  engineer  of  the  Road.  The  Com¬ 
mittee  have  made  examinations  of  the  most  important  articles,  and 
believe  those  valuations  to  be  substantially  correct.  They  have  not 
deemed  it  advisable  to  incur  the  expense  of  an  appraisement  by  com¬ 
petent  parties  off  the  Road,  because  the  property  is  indispensable  for 
the  use  of  the  Road,  and  is  not  for  sale.  A  valuation  of  it,  therefore, 
is  important  only  for  the  purpose  of  indicating  the  condition  of  the 
property,  of  which  the  Committee  have  made  personal  examinations. 

Other  Property.  It  has  been  impracticable,  under  the  circum¬ 
stances  and  at  this  season  of  the  year,  for  the  Committee  to  make 
personal  examinations  and  take  inventories  of  all  the  other  property 
of  the  Corporation.  But  such  have  been  furnished  to  them  by  those 
in  charge  of  the  different  departments  of  the  Road,  which  the  Com¬ 
mittee,  from  examinations  made  by  them,  believe  to  be  correct.  They 
are  given  in  the  Appendix,  F,  and  show  the  stock  in  the  machine 
shop,  materials  for  repairs  and  tools  in  the  engineer  department, 
wood  and  other  property  belonging  to  the  Corporation  on  the  first 
day  of  January  last,  with  the  estimated  values  thereof. 

The  loss  by  the  subsequent  fire,  on  the  stock  in  the  buildings  burn¬ 
ed,  is  reckoned  by  the  master  mechanic  at  $4,088.61,  of  which  more 
than  one  half  is  covered  by  insurance. 

The  inventory  furnished  by  the  engineer  was  taken  by  him  on  the 
first  day  of  October  last;  the  season  of  the  year  having  prevented 
taking  one  since.  The  amount  of  the  materials  which  had  been  used 
since  that  time,  and  prior  to  January  1st  last,  is  estimated  by  him  at 
$1,500  —  leaving  an  amount  on  hand  at  that  date  of  $18,164.86. 

The  bonds  of  the  White  Mountain  Railroad,  mentioned  in  the  ac- 


14 


companying  inventory,  were  taken  in  payment  for  the  freight  of  the 
iron  used  in  the  construction  of  that  Road.  At  present  they  are 
without  value  in  the  market.  Hereafter,  when  the  controversies  in 
which  that  corporation  is  now  involved  shall  be  ended,  these  bonds 
may,  as  they  should,  become  of  some  value. 

The  stock  in  the  Concord  and  White  Mountain  Telegraph  Com¬ 
pany  was  taken  to  aid  the  construction  of  that  line  of  telegraph,  which 
is  important  for  this  Road.  The  investment  was  judicious,  although 
the  stock  itself  is  without  any  value  at  this  time. 

The  stock  in  the  Wells  River  Bridge  came  to  this  Corporation  in 
the  arrangement  for  the  construction  of  the  bridge  at  that  place  for 
the  accommodation  of  this  Road.  It  is  supposed  to  be  worth  very 
near  if  not  quite  its  par  value. 

The  interest  in  the  Winnipissiogee  Steamboat  Company  arose  from 
aid  given  to  encourage  the  opening  of  that  line  of  travel,  as  an  auxil¬ 
iary  to  this  Road.  A  dividend  of  about  six  per  cent,  per  annum  is  re¬ 
ceived  on  the  stock.  The  present  market  value  is  supposed  to  be  at 
least  as  much  as  stated  in  the  inventory. 

The  balances  in  the  accounts  of  the  Superintendent  and  Finance 
Agent  have  been  alluded  to  in  a  former  part  of  this  Report.  There 
are  also  on  the  books  of  the  Treasurer  sundry  accounts  against  differ¬ 
ent  parties,  but  they  are  doubtful,  if  not  worthless,  and  therefore  are 
disregarded. 


Debts  and  Liabilities. 

The  funded  debt  of  the  Corporation  consists  of  two  issues  of  bonds 
secured  by  distinct  mortgages  —  the  first,  of  that  part  of  the  road¬ 
way  which  extends  from  Concord  to  Warren,  with  the  franchises  and 
other  property  of  the  Corporation ;  and  the  second,  of  the  remainder 
of  the  roadway,  together  with  all  covered  by  the  first  mortgage,  subject 
to  the  same.  The  first  issue  of  bonds  is  to  the  amount  of  $500,000 
payable  in  1860,  with  coupons  attached  for  the  semi-annual  interest 
at  the  rate  per  annum  of  seven  per  cent,  on  $300,000,  and  of  six  per 
cent,  on  the  remainder.  All  of  these  have  been  sold.  The  second 
mortgage  contemplates  a  final  issue  of  bonds  under  it  to  the  amount 
of  $850,000.  But  of  that  amount  $500,000  is  reserved  for  the  pay¬ 
ment  of  the  bonds  secured  by  the  first  mortgage,  when  due,  thus  leav¬ 
ing  only  $350,000  of  bonds  for  other  use ;  all  of  which,  with  the 
exception  of  $26,400  now  mostly  on  pledge,  have  been  sold.  These 
bonds  are  payable  in  1870,  with  coupons  attached  for  the  semi-annual 
interest  at  the  rate  per  annum  of  seven  per  cent,  on  $200,000,  and 


15 


of  six  per  cent,  on  the  remaining  $150,000.  From  this  it  will  be 
seen  that  the  whole  amount  of  the  funded  debt  of  the  Corporation, 
including  the  $26,400  of  bonds  on  pledge,  is  $850,000,  with  an 
annual  interest  of  $56,000,  which  is  a  permanent  charge  upon  the 
yearly  income  of  the  Road. 

By  a  vote  of  the  Directors,  February  21st,  1855,  bonds  to  the 
amount  of  $300,000,  secured  by  a  pledge  of  the  income  of  the  Road, 
were  authorized  to  be  issued.  These  were  intended  as  security  to  the 
Directors  for  their  liabilities  as  sureties  and  indorsers  on  the  notes  of 
the  Corporation.  None  of  these  u  Income  Bonds”  have  been  sold, 
but  a  part,  to  the  amount  of  $118,000,  have  been  pledged  and  are 
now  outstanding  as  security  for  debts  of  the  Corporation.  The  in¬ 
tention  is,  when  provision  is  made  to  pay  the  debts,  to  withdraw  and 
cancel  all  these  bonds,  so  that  this  liability  of  the  Corporation  may  be 
entirely  extinguished. 

In  the  last  annual  Report  of  the  Directors  the  floating  debt  of  the 
Corporation,  11  deducting  cash  assets,”  is  stated  as  being  $239,743.82  ; 
and  at  the  meeting  in  February  last  it  was  stated  to  be  about  $230,000. 
If  the  deduction  for  assets  should  be  regarded  as  properly  made,  these 
statements  were  correct.  Among  those  assets  were  included  certain 
funds  as  available,  in  the  hands  of  the  Superintendent  and  Finance 
Agent  of  the  Road.  But  those  are  the  funds  from  which  the  ad¬ 
vances  by  him  on  account  of  the  stock  and  bond  operations  which 
have  been  mentioned,  have  been  made.  The  particulars  of  those 
transactions  have  been  stated;  and  the  Committee  think  that,  under 
the  circumstances,  those  funds  can  not  be  regarded  as  available  at  this 
time.  Whatever  were  the  forms  of  the  advancements,  they  are  in 
substance  and  effect  investments  in  the  stock  and  bonds.  To  their 
amount  they  may  contribute  to  diminish  the  amount  required  to  close 
those  transactions,  but  they  are  not  available  to  pay  the  debts  of  the 
Corporation  and  therefore  should  not  be  reckoned  as  assets  for  that 
purpose. 

With  these  views  the  Committee  make  the  amount  of  the  floating 
debt  of  the  Corporation  larger  than  the  sums  stated  as  above  men¬ 
tioned.  It  consists  almost  entirely  of  the  notes  of  the  Corporation, 
with,  in  most  instances,  two  of  the  Directors  and  the  Superintendent 
as  sureties  or  indorsers.  A  list  of  those  outstanding  on  the  first  day 
of  January  last  accompanies  this  Report  —  Appendix,  Gr,  to  which 
the  Committee  refer  for  particulars.  It  shows  the  date,  amount,  time 
of  payment,  origin,  and  rate  of  interest  of  each  note.  The  ag¬ 
gregate  amount  is  $256,785.91.  These  are  all  the  debts,  beside 


16 


bonds  of  the  Corporation,  which  appear  on  the  Treasurer’s  books ; 
and,  so  far  as  the  Committee  can  ascertain  and  as  they  believe,  are 
all  which  are  outstanding  against  it,  with  the  exception  of  several 
accounts  in  the  Superintendent’s  office  for  the  payment  of  which  are 
means  there. 

On  inspection  of  the  list  it  will  be  observed  that  some  of  the  notes 
are  overdue  and  the  interest  on  them  is  in  arrears.  But  most  of 
them  are  not  yet  due,  and  when  not  otherwise  mentioned  in  the  list, 
the  interest  on  those  has  been  paid  to  the  time  when  they  became  due ; 
consequently  the  balance  of  interest  at  this  time  is  in  advance. 

The  particular  origin  of  a  few  of  the  notes  is  stated,  but  with  ref¬ 
erence  to  most  of  them  the  Committee  can  not  give  a  more  particular 
statement  than  appears  in  the  list.  The  floating  debt  of  the  Corpo¬ 
ration  has  existed  for  several  years,  and  during  that  time,  as  the  dif¬ 
ferent  notes  composing  it  have  from  time  to  time  fallen  due,  they 
have  been  paid  by  money  raised  on  other  notes  given  in  their  stead. 
In  some  instances  there  have  been  renewals,  but  there  are  no  records 
to  show  which,  if  any  of  those  now  outstanding,  are  such.  To  facili¬ 
tate  the  negotiation  of  the  notes,  they  have  been  made  payable  to  the 
order  of  the  Treasurer  and  by  him  indorsed  in  blank,  and  thus  could 
be  used  whenever  a  party  was  found  to  lend  the  money  on  them.  The 
notes  and  the  records  in  the  Treasurer’s  office,  therefore,  do  not  show 
with  whom  they  were  negotiated,  or  by  whom  probably  now  held.  It 
is  understood,  however,  that  nearly  all  the  notes  on  which  legal  inter¬ 
est  only  is  paid,  are  held  by  various  Banks  who  have  accommodated 
the  Boad  with  these  loans,  in  consideration  of  the  circulation  thereby 
given  to  their  bills. 

The  rate  of  interest  specified  in  the  list  does  not  in  all  cases  show 
the  rate  received  by  the  party  lending  the  money  for  which  the  note 
was  given.  A  considerable  portion  of  the  notes  were  negotiated  by 
the  Finance  Agent  of  the  Road,  in  Boston,  and  elsewhere  out  of  this 
State.  On  those  a  brokerage  of  one  fourth  of  one  per  cent,  on  the 
amount  has  been  charged.  The  rates  specified  include  all  those  charges, 
as  well  as  the  interest  paid  to  the  lender  of  the  money,  so  to  show 
the  rate  of  expense  to  the  Road  for  the  money  borrowed. 

In  connection  with  this  subject  of  the  liabilities  of  the  Corporation, 
mention  should  be  made  of  the  claim  of  Warren  H.  Smith,  a  former 
contractor,  for  a  balance  alleged  to  be  due  him  for  work  in  constructing 
the  Road  above  Warren.  This  claim  is  now  in  suit,  awaiting  a  legal 
investigation.  The  amount  claimed  is,  as  the  Committee  understand, 
over  $50,000.  The  Directors  of  the  Road  claim  that  Mr.  Smith  has 


IT 


in  fact  been  overpaid  by  the  Corporation  for  his  work,  to  the  amount 
of  $31,000.  Under  these  circumstances  any  examination  of  the 
matter  by  this  Committee,  with  the  idea  of  arriving  at  any  certain 
judgment  as  to  the  real  state  of  just  account  between  the  Corporation 
and  Mr.  Smith,  seemed  useless.  They  refer  to  the  statements  in  the 
last  annual  report  for  the  views  of  the  Directors  relative  to  the  claim, 
and  the  reasons  for  the  same. 

There  are  a  few  other  claims  for  damages  made  against  the  Road, 
and  now  awaiting  legal  investigation,  but  they  are  comparatively 
unimportant. 

Income  and  Future  Prospects. 

The  table  in  the  Appendix,  H,  shows  the  gross  receipts,  ex¬ 
penses  and  net  income  of  the  Road  during  each  of  the  three  years 
from  April  1,  1853,  to  April  1,  1856,  and  during  that  part  of  the 
present  year  from  the  last  date  to  January  1,  1857.  This  period  is 
taken  because  it  covers  all  the  time  during  which  the  Road  has  been 
open  for  public  use  for  its  whole  length.  The  accounts  of  the  present 
year,  thus  far,  indicate  that  its  net  income  will  not  be  materially 
different  from  that  of  last  year,  though  the  severity  and  snows  of  the 
past  winter  have  somewhat  increased  the  expenses  and  lessened  the 
receipts. 

The  Committee  can  see  no  reason  why,  under  existing  circumstan¬ 
ces,  a  yearly  net  income  of  at  least  $1 20,000  should  not  be  expected 
hereafter.  On  the  contrary  there  seem  to  be  good  reasons  why 
there  should  be  a  gradual  increase  for  the  future.  The  Road  is  in 
better  condition  than  ever  before,  and  with  the  means  for  a  much 
larger  amount  of  business  at  a  comparatively  small  increase  of  ex¬ 
pense.  In  addition  to  the  natural  development  of  business  on  the 
line  of  the  Road  is  that  new  and  important  which  will  be  opened  to 
it  by  the  extension  of  the  line  beyond,  now  in  progress  of  construc¬ 
tion  toward  Canada. 

Another  source  for  an  increase  of  net  income  is  by  a  diminution 
of  expenses.  The  Committee  have,  in  another  place,  made  some 
suggestions  relative  to  a  decrease  of  employees  on  the  Road,  and 
they  presume  that  hereafter  when  the  Directors  and  Superintendent, 
being  relieved  from  the  constant  cares  of  a  floating  debt,  shall  give 
more  attention  to  the  management  of  the  Road  itself,  they  will  be 
able  to  effect  favorable  changes  in  the  expenses  in  other  respects. 

An  important  saving  in  expense,  so  to  leave  a  part  of  the  net  in¬ 
come  of  the  Road,  beyond  the  interest  on  the  funded  debt,  for  the 
2 


18 


stockholders,  will  be  made  by  the  payment  of  the  floating  debt. 
From  the  statement  of  expenditures,  in  the  Appendix,  B,  it  will 
be  seen  that  the  interest  paid  on  the  floating  debt  from  April  1, 
1854,  to  February  1st  last  —  two  years  and  nine  months  —  was 
$90,872.82.  For  several  years  past  the  average  of  yearly  extra  in¬ 
terest  and  expense  on  that  debt  has  been  about  $15,000  —  nearly 
smfficient  for  a  dividend  of  two  per  cent,  on  the  whole  amount  of  pre¬ 
ferred  stock. 


Payment  of  Debts. 

The  resolution  appointing  this  Committee  directs  them  to  recom¬ 
mend  the  manner  and  best  course  to  be  adopted  by  the  stockholders 
for  “  the  prompt  and  honorable  payment”  of  the  debts  of  the  Corpora¬ 
tion.  It  contemplates  that  payment  shall  be  made  —  and  it  should 
be.  The  creditors  have  valid  claims  against  the  Corporation,  and  if 
it  makes  no  provision  for  their  payment,  they  will,  without  doubt, 
resort  to  their  legal  remedies  against  the  stockholders  on  their  in¬ 
dividual  liability  under  the  statute. 

The  whole  amount  of  the  floating  debt,  as  herein  before  stated,  is 
$256,785.91.  To  this  should  be  added  $2,818.86  for  unpaid 
coupons  and  dividends  —  making  the  sum  of  $259,604.77  to  be  pro¬ 
vided  for.  But  if,  as  recommended  by  the  Committee,  the  Corpora¬ 
tion  shall  close  up  the  stock  and  bond  operations  before  mentioned, 
by  paying  up  the  balance  after  the  advancements  made,  the  farther 
sum  of  about  $31,500  will  be  required.  This  addition  will  make 
the  total  sum  of  $291,104.77,  for  which  provision  is  to  be  made. 

From  the  statements  in  the  former  part  of  this  report  it  will  be  ob¬ 
served  that  though  the  Corporation  has  a  large  amount  of  property  on 
hand,  yet  there  is  very  little  available  for  the  payment  of  its  debts. 
The  roadway  and  equipment  can  not  be  used  for  that  purpose. 
Neither  is  it  advisable  to  dispose  of  the  stock  and  materials  for  re¬ 
pairs  on  hand.  There  is  constant  demand  for  them,  and  if  sales  of 
them  were  made,  purchases  would  be  necessary  to  supply  the  place. 
There  is,  however,  some  property  which  is  not  needed  and  may 
therefore  be  disposed  of  without  disadvantage.  Such  is  the  farm  at 
Warren,  owned  by  the  Corporation,  valued  at  $2,000,  and  perhaps 
those  portions  of  the  wood-lands  from  which  the  wood  has  been  cut, 
and  some  of  the  tools  and  other  property  in  the  wood  department. 
There  are  also  two  houses  at  Laconia  and  one  at  Sanbornton  Bridge, 
of  the  value  of  about  $1,500,  some  small  tracts  of  land  at  Concord, 
and  the  stock  in  the  Wells  River  Bridge,  and  also  that  in  the  Win- 


19 


nipissiogee  Steamboat  Company,  which  are  not  needed  for  the  use  of 
the  Road.  The  Committee  recommend  that  these  properties  be  sold 
as  soon  as  can  be,  judiciously,  and  the  proceeds  applied  on  the  debts 
of  the  Corporation. 

But  there  will  be  a  very  large  amount  of  indebtedness  still  re¬ 
maining  to  be  provided  for.  By  a  recent  Act  of  the  Legislature,  a 
farther  issue  of  bonds  by  this  Corporation  is  authorized ;  of  which 
$200,000  will  be  available  for  the  present  purpose.  To  this  should 
be  added  the  $59,700  of  bonds  which  will  be  received  in  the  settle¬ 
ment  of  the  stock  and  bond  operations  before  mentioned.  All  these 
make  the  total  sum  of  $259,700. 

By  the  provisions  of  the  Act  authorizing  the  bonds  above  referred 
to,  the  sum  of  $12,500  is  to  be  set  aside  on  the  first  day  of  each 
year,  commencing  January  1,  1856,  as  a  sinking  fund  for  the  pay¬ 
ment  of  these  bonds.  In  order,  therefore,  for  the  Corporation  to 
avail  itself  of  the  benefit  of  the  Act,  the  sum  of  about  $26,000  is 
to  be  set  aside  for  the  payments  and  interest  now  due  on  the  sinking 
fund.  The  $26,400  of  bonds  now  on  pledge,  but  which,  on  payment 
of  the  debts  will  come  back  to  the  Corporation,  are  regarded  as  suffi¬ 
cient  for  that  purpose. 

The  above  statements  leave  a  balance  of  $31,404.77  of  debts  over 
the  amount  of  all  the  bonds  above  mentioned  as  available.  If,  how¬ 
ever,  those  liabilities  can  be  extinguished  to  the  full  amount  of  those 
bonds,  the  balance  remaining  will  not  be  very  important.  The  other 
property  of  the  Road,  to  which  the  Committee  have  referred  as  being 
disposable,  will  aid  in  reducing  it,  and  in  addition  to  that  will  be  the 
stock  received  in  the  settlement  of  the  stock  operations  as  before 
mentioned.  The  309  shares  of  preferred  stock  can  not,  probably,  now 
be  sold  in  market  for  more  than  about  $3,500,  but  if  the  floating 
debt  is  paid  and  the  Corporation  thus  placed  in  good  position,  the 
market  value  of  that  stock  will  be  largely  increased.  From  these 
sources  a  greater  portion  of  that  balance  can  be  paid,  and  the  small 
residue  can  readily  be  satisfied  from  the  future  income  of  the  Road. 
Indeed,  the  net  income  for  one  year  will  be  more  than  sufficient  to 
pay  the  interest  on  the  whole  funded  debt  and  all  the  balance  above 
stated,  even  without  the  property  or  stock  above  mentioned. 

The  important  point  is,  in  what  way  can  the  money  for  the  pay¬ 
ment  of  liabilities  be  realized  from  those  bonds  ?  To  attempt  it  by 
a  sale  of  them  in  the  market,  in  its  present  state,  would  be  folly. 
The  discount  which  would  be  required  would,  probably,  be  at  least 
one  third  of  the  amount,  and  thus  leave  a  large  indebtedness  still  re- 


20 


maining.  In  order  to  pay  the  debts,  the  bonds  must  be  disposed  of 
at  their  par  value.  The  only  course  for  this  is  by  the  parties  in¬ 
terested  taking  them.  The  stockholders  must  do  it  to  pay  off  the 
debts  of  the  Road,  and  thus  save  a  valuable  property,  and  at  the  same 
time  relieve  themselves  from  any  liability  on  account  of  those  debts. 
The  creditors  also,  probably,  will  take,  to  some  extent,  so  to  re¬ 
ceive  their  pay  without  delay  or  trouble.  And  this  is  not  a  very 
hard  remedy.  For  every  dollar  paid  in,  the  parties  will  receive  the 
bonds  of  the  Corporation,  with  interest  semi-annually  at  the  rate  of 
six  per  cent.  The  whole  amount  of  the  yearly  interest  on  all  the 
bonds  of  the  Corporation,  including  these,  will  be  only  $68,000  —  a 
little  more  than  one  half  of  the  present  net  income  of  the  Road.  Of 
the  abundant  sufficiency  of  that  income  to  pay  much  more  than  this 
interest  there  can  be  mo  reasonable  doubt  —  and,  although  the  bonds 
may  not  now  be  sold  for  their  par  value,  yet  the  party  will  receive 
six  per  cent,  interest  on  that  value,  and  ultimately  payment  of  the 
principal.  For,  the  Committee  can  not  but  regard  a  Road,  such  as 
they  find  this  to  be,  with  its  construction  completed,  in  full  operation, 
with  sufficient  equipment  and  a  present  net  income  of  $120,000  per 
annum,  and  free  from  a  floating  debt,  as  good  security  for  $1,050,000 
—  the  whole  amount  of  its  liabilities.  More  than  this  they  consider 
to  be  a  large,  valuable  interest  remaining  for  the  stockholders. 

The  effect  of  this  course  for  the  payment  of  the  debts  of  the  Cor¬ 
poration,  will,  as  it  should,  be  to  make  the  Road  and  its  income  stand 
pledged  for  the  money  advanced  for  that  purpose,  before  any  stock 
whether  preferred  or  otherwise.  These  seem  to  the  Committee  the 
best  measures  which  can  be  devised,  and  therefore  they  strongly 
recommend  them  for  adoption  by  the  stockholders. 

It  is  desirable  that  whatever  measures  are  now  adopted  should  be 
effectual  to  relieve  the  stockholders,  as  well  as  the  Corporation,  from 
its  debts.  A  partial  payment,  leaving  a  large  balance  remaining, 
will  not  be  sufficient.  To  raise  the  necessary  amount,  the  united 
action  of  all  the  stockholders  is  required.  The  Committee  recom¬ 
mend  that  papers,  in  proper  form,  be  presented  to  them  for  subscrip¬ 
tions,  for  the  bonds  at  par,  on  the  condition,  however,  that  no  sub¬ 
scription  shall  be  binding  unless  the  whole  amount  subscribed  for 
shall  be  at  least  $250,000.  That  amount,  in  the  judgment  of  the 
Committee,  will  so  reduce  the  debts  of  the  Corporation  that  there 
need  be  no  apprehension  of  any  future  trouble  on  account  of  them. 

To  fully  accomplish  the  objects  desired  at  this  time,  some  provision 
should  be  made  to  guard  against  the  creation,  hereafter,  of  debts  for 


21 


which  the  stockholders  may  be  liable.  As  the  construction  of  the 
Road  is  now  completed,  and  its  present  equipment  sufficient  for  its 
business,  the  Committee  do  not  see  how,  hereafter,  any  occasion  can 
properly  arise  for  the  creation  of  any  considerable  debt,  except  in 
case  of  some  very  unusual  misfortune.  They,  however,  propose  for 
adoption  by  the  stockholders,  a  resolution  instructing  the  Directors 
not  to  contract  any  debt  for  which  there  may  be  any  liability  on  the 
part  of  the  stockholders. 

The  Committee  farther  recommend  that  a  committee  of  three  be 
appointed  by  the  stockholders  to  take  proper  measures,  in  concert 
with  the  Directors,  for  subscriptions  for  bonds  as  herein  recommend¬ 
ed,  and  such  others  as  may  be  thought  advisable  to  provide  for  the 
payment  of  the  floating  debt  —  to  consider  the  subscriptions  received, 
for  the  purpose  of  ascertaining  whether  the  proper  amount  has  been 
raised  —  and  to  arrange  with  the  Directors  relative  to  the  collection 
of  the  money  and  the  application  of  the  same  to  the  payment  of  the 
debt. 


Present  position  of  the  Road. 


By  a  vote  of  the  Directors,  January  9th  last,  an  assignment  of  the 
Road,  with  all  its  property  and  credits,  was  made  to  three  trustees 
for  the  purpose  of  securing  the  signers  of  the  notes  of  the  Corpora¬ 
tion.  No  question  is  made  of  the  correct  intentions  in  this  assign¬ 
ment,  and  those  signers  should  be  saved  harmless.  But  it  is  to  be 
regretted  that  any  occasion  should  have  arisen  for  this  measure,  as 
the  legal  effect  of  the  assignment,  if  valid,  is  to  place  the  Road  and 
its  property  beyond  the  control  of  the  Directors  and  of  the  Corpora¬ 
tion.  The  ready  remedy,  however,  is  by  making  provision  for  the 
early  payment  of  those  debts  and  thereby  relieve  those  parties  from 
their  liabilities  and  replace  the  Corporation  in  the  possession  and 
control  of  its  property. 

Respectfully  submitted, 


J.  MINOT, 

R.  B.  SHERBURNE, 
A.  P.  CATE, 

A.  H.  TILTON, 

J.  KENISTON, 


Committee. 


March,  1857. 


APPENDIX 


Capital  Stock,  February  1,  1857. 

OLD  STOCK. 

Amount  April  1,  1854,  including  stock  scrip  and  div¬ 
idends  for  interest,  $1,053,914.02 

Amount  issued  for  cash  paid  since,  118.33 


.,054,032.35 


Amount  transferred  to  preferred  stock,  26,000 

Amount  transferred  to  new  stock, 

Proposition  1,  344,700 

2,  60,900 

3,  93,900 

By  special  directions,  61,100  560,600  586,600.00 


Balance,  February  1,  1857,  $467,432.35 


PREFE  RRED  STOCK. 


Amount  April  1,  1854,  including  partial  payments,  $639,690.00 

Amount  issued  since  for  old  stock  canceled,  26,000.00 

Amount  issued  since  for  new  stock  canceled,  by  special 


directions, 

Amount  issued  since  for  cash, 

Total,  February  1,  1857, 

NEW  STOCK. 

Amount  issued  for  old  stock  can¬ 
celed,  proposition  1,  344,700 

2,  60,900 

3,  93,900 

By  special  directions,  61,100 


29,200.00 
105,110.00 

$f00, 000.00 


Amount  issued  for  cash, 

Less  amount  transferred  to  preferred  stock,  by  special 
directions, 

Total,  Feb.  1,  1857, 


$560,600.00 

10,200.00 

$570,800.00 

29,200.00 

$541,600.00 


23 


RECAPITULATION. 

Old  stock, 

Preferred  stock, 

New  stock, 


467,432.35 

800,000.00 

541,600.00 


Total,  $1,809,032.35 


B 

Receipts  and  Expenditures,  April  1,  1854,  to  February  1, 

1857. 


RECEIPTS. 


Cash  on  hand,  April  1,  1854, 

Cash  received  on  old  stock,  118.33 

Cash  received  on  preferred  stock,  105,110.00 

Cash  received  on  new  stock,  22,746.58 


Cash  received  on  bonds  due  in  1870, 

amount  sold,  179,997.45 

less  discount,  37,592.72 


Cash  received  for  real  estate  sold, 

Cash  received  for  net  income,  April  1854, 

to  April  1855,  140,951.14 

April  1855,  to  April  1856,  123,571.16 

April  1856,  to  Nov.  1856,  73,170.00 


Decrease  on  sundry  accounts  since  April,  1854, 


$8,633.52 


127,974.91 


142,404,73 

800.00 


337,692.30 

16,916.59 


$634,422.05 


EXPENDITURES 

Paid  on  account  of  construction, 

72,099.99 

u 

11  equipment, 

2,917.99 

« 

“  wood-lands, 

2,478.79 

(c 

u  wood  and  materials  on  hand, 

38,391.55 

a 

dividends, 

67,963.40 

a 

interest  coupons  on  funded  debt, 

133,564.00 

u 

interest  on  floating  debt, 

90,872.82 

u 

bond  due  in  1854, 

500.00 

i( 

bonds  due  in  1855, 

57,100.00 

u 

on  account  of  Concord  &  White  Moun 

. 

u 

tains  Telegraph  Company, 
u  *Wells  River  Bridge, 

2,500.00 

1,500.00 

a 

taxes  and  insurance, 

12,438.02 

u 

damages  and  losses, 

30,153.79 

u 

principal  on  floating  debt, 

121,941.70 

- $634,422.05 

24 


c 

Officers  and  Employees  in  the  pay  ot  the  Corporation, 
December,  1856. 

Josiah  Quincy,  President,  salary  and  expenses,  per  annum,  $1,000.00 


James  M.  Whiton, 

Superintendent,  salary, 

C( 

2,000>00 

Geo.  Minot,  Treasurer,  salary, 

Charles  Lane,  Clerk,  salary, 

WOOD  DEPARTMENT. 

a 

1,200.00 

u 

50.00 

H.  W.  Weeks, 

Wood  Agent,  1  month,  at 

$50.00 

No.  days. 

Am’t  per  day. 

D.  E.  Bliffin, 
Timothy  Murphy, 

27 

1.00 

1.00 

Thos.  Sanders, 

124 

1.00 

Daniel  Larry, 

221 

1.00 

John  Whitcher, 

ROAD  REPAIRS. 

1.00 

No.  of  days. 

Am’t  per  day. 

John  Hutchins, 

Section  No.  1, 

27 

1.37 

Patrick  Donohue, 

27 

1.00 

J.  C.  Hutchins, 

5 

.75 

John  Colby, 

Section  No.  2, 

27 

1.25 

John  Mills, 

27 

1.00 

John  Marsh, 

Section  No.  3. 

27 

1.25 

Russell  Burdeen, 

27 

1.00 

George  Lake, 

Section  No.  4, 

15 

12 

1.25 

1.25 

Andrew  Grover, 

} 

15 

1.00 

Asel  Canfield, 

12 

1.00 

S.  P.  Hannaford, 

Section  No.  5, 

22 

1.25 

C.  F.  Clark, 

27 

1.00 

N.  F.  Foster, 

Section  No.  6, 

27 

1.25 

C.  B.  Gile, 

27 

1.00 

A.  J.  Hart, 

Section  No.  7, 

27 

1.25 

David  Edwards, 

27 

1.00 

A.  G.  Young, 

Section  No.  8, 

27 

1.25 

Pat.  Kelly, 

27 

1.00 

L.  W.  Dolloff, 

Section  No.  9, 

27 

1.25 

W.  F.  Page, 

27 

1.00 

M.  S.  Wadleigh, 

Section  No.  10, 

27 

1.25 

Morris  Farriter, 

27 

1.00 

Joseph  Martin, 

Section  No.  11, 

27 

1.25 

Richard  Kowen, 

26 

1.00 

H.  S.  Woodman, 

Section  No.  12, 

28 

1.25 

C.  H.  Plaisted, 

25 

1.00 

E.  Boardman, 

3 

1.00 

Wm.  Harvey, 

25 

Section  No.  13, 

29 

1.25 

M.  Donohue, 

29 

1.00 

Hiram  Hobart, 

28 

1.00 

Paul  Seavey, 

i 

1.00 

Pat.  Donovan, 

Section  No.  14, 

29 

1.25 

John  Ragan, 

Rufus  Eraerton, 

29 

1.00 

8 

1.00 

John  Brown, 

4 

1.00 

Benj.  Brown, 

4 

1.00 

Daniel  Webb, 

4 

1.00 

Silas  E.  Foster, 

Section  No.  15, 

28| 

1.25 

Rasmus  French, 

28£ 

1.00 

Robert  Merrill, 

4 

1.00 

Daniel  Sullivan, 

Section  No.  16, 

28J 

1.25 

Thomas  Cantlin, 

28* 

1.00 

Dennis  Daily, 

n 

1.00 

John  Wiggin, 

Section  No.  17, 

29 

1.25 

Owen  McCarty, 

29 

1.00 

Dennis  Kennedy, 

10 

1.00 

John  Dooly, 

Section  No.  18, 

27 

1.25 

James  Leary, 

27 

1.00 

Mike  Sullivan, 

4 

1.00 

A.  Mitchel, 

F.  A.  Blodgett, 

Section  No.  19, 

27 

1.50 

27 

1.00 

Geo.  Cummings, 

Section  No.  20, 

27 

1.25 

Daniel  Foley, 

27 

1.00 

William  Ladd, 

Removing  ice  and  snow, 

28 

1.17 

John  Libby, 

((  u 

13 

1.50 

I.  P.  Bickford, 

Handling  iron, 

28 

1.00 

Augustus  Morrill, 

u 

14 

1.00 

Pat.  Moore, 

u 

ii 

1.00 

Pat.  Hayes, 

a 

8 

1.00 

Thomas  Leavitt, 

u 

\ 

1.00 

James  Leavitt, 

u 

34 

1.00 

E.  W.  Upham, 

Gate  and  bridge  tender  at 
Concord, 

27 

.50 

Elias  Buswell, 

A.  T.  Burley, 

Bridge  at  Sanbornton,  1  mo. 

Am’t  per  mo. 
2.00 

Gate  tender  at  Plymouth, 

1  month, 

8.33 

J.  J.  Sanborn, 

Road-master, 

1  month, 

65.00 

Isaac  Sanborn, 

Engineer,  gravel  train, 

12 

Am’t  per  day. 

1.75 

H.  F.  Simpson, 

Fireman,  “ 

keeping  fire  Sundays, 

12 

1.00 

W.  W.  Simpson, 

6 

1.00 

Fred  S.  Stevens, 

27 

1.50 

Jason  G.  Blood, 

y  on  engine  house  at  Plymouth,  1$ 

1.25 

Wm.  H.  Crawford, 

11 

1.75 

Jesse  Eaton, 

repairing  building  at  Lake 
Village, 

15 

1.50 

N.  S.  Mason, 

repairs  of  bridges, 

101 

1.50 

26 


I.  S.  Young, 
Charles  E.  Elliott, 

C.  H.  Latham, 

J.  A.  Dodge, 

Wm.  Z.  Ripley, 
M.  L.  Lawrence, 
I.  W.  Butler, 

W.  B.  Douglas, 
James  Matterson, 
M.  B.  Gove, 
Henry  Merrill, 

W.  W  Simpson, 
M.  J.  Sanborn, 
Stephen  Dole, 

I.  R.  Swain, 

John  Wentworth, 
T.  P.  Woodman, 

I.  M.  Beede, 

John  Wadleigh, 
Miles  Taylor, 

A.  C.  Leavitt, 

I.  M.  Merrick, 

J.  D.  Lawrence, 
John  Wkitcher, 

J.  A.  Moore, 

E.  W.  Upham, 

D.  Ferguson, 

G.  E.  Nutting, 

A.  L.  Smith, 

H.  W.  Ramsey, 

0.  R.  Farrar, 

W.  Whitcher, 

0.  R.  Farrar, 

W.  Whitcher, 

L.  D.  Whitcher, 
R.  B.  Gray, 

C.  F.  Hicks, 

John  Fuller, 


repairs  of  bridges, 
a 

Engineer, 


Conductor  1  month, 
u  u 

u  u 

u 
u 
u 


11J  1.50 

10  1.75 

1  month,  100.00 


100.00 

Ain’t  per  day. 

1.25 

1.25 
1.00 
1.37* 
1.00 
1.00 
1.00 
1.00 
1.12* 
1.00 
1.00 
1.00 

1.25 

1.25 

1.00 

1.25 
2.00 
1.121 
1.62* 
.75 
1.00 
1.121 
Ain’t  per  mo. 

50.00 

50.00 

50.00 

50.00 

50.00 

50.00 

Ain’t  per  day. 

1.25 

1.25 

1.25 

1.25 

Am’t  per  mo. 

50.00 

2.00 

Am’t  per  day. 

2.31 

2.31 

2.31 

2.31 

2.12 

1.75 


Brakeman, 
u 
a 
u 

Conductor, 

1  month, 

Thos.  P.  Clifford,  Freight  Engineer, 
Henry  A.  Cummings,  “ 

Ralph  Adams,  u 

Mooney  Moulton,  u 

Charles  Tilton,  t( 

Jabez  J.  Garman,  “ 


FREIGHT  DEPARTMENT. 


M’dize  Dep’t,  Plymouth,  1  month, 


Woodville, 

No.  of  days. 

27 

27 

27 

27 

a 

21 

North  Haverhill, 

27 

Haverhill, 

27 

East  Haverhill, 

27 

Warren, 

27 

Wentworth, 

West  Rumney, 

27 

27 

Rumney, 

27 

Holderness, 

27 

Meredith  Village, 

27 

u 

27 

Lake  Village, 

27 

Laconia, 

27 

Union  Bridge, 

27 

Sanborn  ton, 

27 

Northfield, 

27 

Canterbury, 

27 

East  Concord, 

27 

24 

3 

2 

24 

25 
13 

15 

24 


20 

27 
16 

1 

28 
27 


Alfred  Drake, 

Albert  Kiniston, 
George  F.  Davis, 
George  B.  Randall, 
Charles  M  Elkins, 
W.  D.  Sargent, 

I.  S.  Goodwin, 

W.  B.  Farnham, 

I.  P.  Wallace, 

E.  F.  Bartlett, 
Damon  Y.  Dearborn 
W.  B.  Farnham, 

I.  S.  Goodwin, 
Charles  M.  Elkins, 
W.  D.  Sargent, 
Henry  F.  Simpson, 


George  Stevens, 

John  Aldrich,  Jr., 
Frank  Meloon, 
Charles  B.  Rollins, 
George  W.  Hicks, 
James  M.  Foss, 
Isaac  Aldrich, 
Elbridge  Webster, 
Samuel  H.  Nutting, 
Byron  G.  Merrill, 
W-  H.  H.  Philbrick, 
Simeon  S.  Oakes, 

R.  F.  Clark, 

Clark  Bowles, 

Jona.  Ladd, 

Henry  Campbell, 
Rufus  Blodgett, 

E.  G.  Garman, 

Oscar  Sanborn, 
George  Lane, 

Ralph  Adams, 

John  L.  Davis,, 
Mooney  Moulton, 
Alfred  Drake, 

James  Gordon, 

S.  M.  Yeaton, 

Aaron  Ferguson, 
Isaac  Sanborn, 
Joseph  M.  Lougee, 
N.  R.  Lougee, 


27 


Freight  Engineer, 

10 

1.75 

Fireman, 

20 

1.25 

u 

29 

1.25 

u 

27 

1.25 

it 

21 

1.25 

u 

3 

1.25 

it 

16 

1.25 

a 

11 

1.25 

Watchman, 

30* 

1.00 

a 

4 

1.00 

u 

31 

1.00 

Cleaner, 

7* 

1.00 

a 

15* 

1.00 

a 

7* 

1.00 

a 

12 

1.00 

“  2 

MACHINE  SHOP  LABOR. 

1.00 

Superintendent, 

1  month,  100.00 

No.  of  days.  Am’t  per  day 

Clerk, 

27 

1.25 

Watchman, 

31 

1.00 

« 

21 

1.00 

a 

10 

1.00 

Machinist, 

25 

2.31 

a 

29 

1.75 

u 

24f 

1.68 

a 

.  27J 

1.68 

a 

28* 

1.42 

a 

29* 

1.42 

u 

26 

1.42 

a 

14J 

1.68 

a 

1.50 

u 

27 

1.25 

a 

29 

1.08 

u 

16f 

1.25 

a 

214 

1.12 

a 

19* 

1.33 

u 

26* 

.75 

a 

10 

1.75 

a 

15* 

1.33 

a 

21* 

1.66 

a 

15* 

1.00 

u 

26* 

1.12 

a 

20 

1.25 

a 

13 

1.00 

a 

7f 

1.25 

Blacksmith, 

a 

25J 

2.00 

28 

1.68 

28 


Charles  0.  Davis, 
Nathaniel  B.  Hall, 
Renton  Carter, 
George  W.  Hicks, 
Moses  R.  Elkins, 
Alvah  H.  Glines, 
Joseph  S.  Thing, 
Ezekiel  Gilman, 

C.  C.  Clements, 

J.  S.  Jewett, 
James  M.  Sleeper, 
Frank  J.  Hoyt, 

E.  H.  Wheeler, 
Samuel  R.  Jones, 
Renton  Carter, 

E.  M.  Stratton, 

Alvah  Sleeper, 


Blacksmith, 

23 

1.33 

U 

26J 

1.00 

a 

H 

1.25 

(( 

18 

1.00 

Wood  Workman, 

6 

2.00 

a 

28  j 

1.58 

(( 

27 

1.58 

a 

22 

1.50 

a 

26 

1.75 

u 

27 

2.00 

(( 

27 

1.33 

u 

20J 

1.33 

Woodville  Shop, 

31J 

1.50 

u 

294 

1.33 

Rail  mender,  paid  by  the 

inch,  2577 

in.  at  2J- 

cents  per  inch. 

Rail  mender,  paid  by  the  inch,  2403  inches  at 


2£  cents  per  inch. 

Rail  mender,  paid  by  the  inch,  2538  inches  at 
24  cents  per  inch. 


PASSENGER  LABOR. 


No.  of  days. 

Am’t  per  day. 

Hiram  B.  Judkins, 

Engineer,  passenger  tram 

i,  28 

2.31 

Henry  Little, 

u  u 

27 

2.31 

Thomas  P.  Clifford, 

a  u 

l 

8 

2.31 

Emery  Burnham, 

Fireman,  “ 

28 

1.25 

George  Eaton, 

((  u 

27 

1.25 

Albert  Kiniston, 

•  (C  (( 

8 

1.25 

F.  Sullivan, 

Watchman, 

28 

1.00 

S.  R.  Jones, 

u 

44 

1.00 

Timothy  Foley, 

Car  Cleaner, 

22 

1.00 

Mrs.  Foley, 

a 

244 

.50 

James  S.  Robie, 

Concord  Work, 

27 

1.33 

Am’t  per  mo. 

Charles  E.  Twombly, Paymaster,  &c.,  1  month 

) 

66.67 

J.  L.  Rogers, 

Ticket-master,  1  month, 

35.00 

Seth  Greenleaf, 

Conductor, 

24 

50.00 

J.  S.  Russ, 

“  1  month, 

41.60 

George  W.  Little, 

(( 

21 

41.60 

Asa  Sinclair, 

u  1  month, 

40.00  . 

E.  P.  Fisher, 

11  1  month, 

40.00 

A.  A.  Osgood, 

“  1  month, 

35.00 

John  Cleveland, 

(( 

18 

35  00 

Edson  Clough, 

Pass.  R.  R.,  1  month, 

5.00 

REMOVING  SNOW  AND  ICE. 

No.  of  days. 

Am’t  per  day. 

John  L.  Davis, 

Engineer, 

11 

2.31 

James  M.  Foss, 

<( 

2 

2.31 

29 


Alfred  Drake, 

Engineer, 

6 

1.75 

Isaac  Sanborn, 

W.  D.  Sargent, 

u 

4 

1.75 

Fireman, 

15 

1.25 

Aaron  Ferguson, 

a 

11 

1.25 

D 


Depots,  &c.,  February  1,  1857. 


Depot  at  East  Concord,  18J  by  50 

Woodsheds  at  East  Concord, 

Depot  at  Canterbury, 

Depot  at  Northfield, 

Woodsheds  at  Northfield, 

Tank  House  and  Water  Works  at  Northfield, 

Passenger  Depot  at  Sanbornton, 

Freight  Depot  at  Sanbornton, 

Depot  at  Union  Bridge, 

Passenger  Depot  at  Laconia, 

Freight  Depot  at  Laconia, 

Freight  Depot  at  Lake  Village, 

Passenger  Depot  at  Lake  Village, 

Car  House  and  Paint  Shop  at  Lake  Village, 

Wood  Shed  at  Lake  Village, 

Depot  at  Weirs  bridge  Station — small. 

Depot  and  Platforms  at  Steamboat  Station — small. 

Passenger  Depot  at  Meredith  Village,  14  by  50 

Freight  Depot  at  Meredith  Village,  40  by  100 

Woodshed,  Tank  House  and  Water  Works  at  Meredith  Village. 


44  by  20,  with  Ell. 
44  by  20,  with  Ell  18  by  18 
275  by  30 


20  by  40 
1051  by  39| 
20  by  60 
20  by  60 
67  by  31 J 
40  by  90 
20  by  40 
135  by  26 
40  by  172 


Depot  at  Holderness, 

70  by  70 

Office  Building  at  Plymouth, 

25  by  60 

Engine  House  at  Plymouth, 

50  by  50 

Water  House,  Tanks,  Stationary  Engiue  and  Water  Works  at 
Plymouth. 

Passenger  Depot  at  Plymouth. 

Car  House  at  Plymouth, 

Depot  at  Quincy’s  Station. 

100  by  30 

Depot  at  Rumney  Station, 

Woodshed  at  Rumney  Station, 

50  by  20 

40  by  20 

Depot  at  West  Rumney, 

14  by  34 

Depot  at  Wentworth, 

20  by  60 

Depot  at  Warren, 

20  by  60 

Car  House  at  Warren, 

56  by  37 

Engine  House  at  Warren, 

62  by  32 

Woodshed  at  Warren, 

88  by  32 

Depot  at  East  Haverhill, 

18  by  36 

Depot  at  Haverhill, 

Depot  at  North  Haverhill. 

20  by  60 

30 


Depot  at  Woodville,  60  by  34 

Car  House  at  Woodville,  110  by  32 

Engine  House  and  Water  Works  at  Woodville. 

Woodshed  at  Woodville,  200  by  36 

3  Small  Depots — Flag  Stations. 

20  Hand  Car  Houses,  one  on  each  Section. 


E 


Equipment,  January  1,  185Y. 

ENGINES. 


Names. 

ss 

s§ 

Kind. 

Valuation. 

Condition . 

Old  Man, . 

22 

Passenger. 

$6,000.00 

In  shop,  rebuilding. 

Lady  of  the  Lake, 

22 

Passenger. 

5,500.00 

In  good  repair. 

Granite  State, . 

23 

Freight.... 

3,000.00 

Needs  general  repairs. 

McDuffie, . 

23 

Freight.... 

7,000.00 

In  complete  order. 

Old  Crawford, . 

22 

Passenger. 

4,440.00 

In  good  order. 

J.  Quincey, . 

23 

Passenger. 

4,800  00 

In  good  order. 

Peter  Clark . 

23 

Freight.... 

6,000.00 

In  good  order. 

Moosilauke, . 

24 

Freight.... 

6,000.00 

In  shop,  repairing. 

J.  N.  Elkins, . 

23 

Passenger. 

7,500.00 

In  good  order. 

Winnepesaukee,. . . 

24 

Freight.... 

7,500.00 

In  good  order. 

Pehanugun, . 

24 

Freight.... 

7,500.00 

In  good  order. 

Akquedaukee, . 

22 

Passenger. 

7,000.00 

In  good  order. 

Paugus, . 

18 

Gravel . 

4,200.00 

3,360.00 

In  good  order. 

Pony, . . 

14 

Gravel . 

In  good  order. 

Chocorua, . 

23 

Passenger. 

7,500  00 

$87,300.00 

In  good  order. 

3 

4 


CARS,  &c. 


Kind . 

„  .  I  Valua- 

Condition.  j  1ion% 

Passenger . . 

Passenger . 

Passenger . 

Nearly  new . 

Running  order.... 
Poor . 

$1,800.00 

1,500.00 

1,200.00 

1,000.00 

700.00 

Baggage . 

Baggage . 

Nearly  new . 

Running  order.... 

$5,400.00 

7,500.00 

2,400.00 

$15,300.00 


3,000.00 

2,800.00 

$5,800.00 


31 


CARS,  &C.  —  CONTINUED. 


No. 

Kind. 

Condition. 

Valuation. 

20 . 

'Long  Box.... 
Long  Box.... 

Good . 

550.00 

11,000.00 

21,850.00 

46 . 

Some  worn . 

475.00 

8 . 

Long  Box.... 

Poor . 

400.00 

3,200.00 

12 . 

Cattle  &  Coal. 

Good . 

500.00 

6,000.00 

12,600.00 

2,800.00 

6,800.00 

15,000.00 

2,600.00 

4,050.00 

2,200.00 

28 . 

Cattle  &  Coal. 

Some  worn . 

450.00 

7 . 

< 

O 

Cattle  &  Coal. 

Poor . 

400.00 

16 . 

Platform 

Good . 

425.00 

40 . 

H  ± 

S 

Platform . 

Some  worn . 

375.00 

8 . 

2 

Platform . 

Poor . 

325.00 

9 . 

P5 

Platform . 

New . 

450.00 

8 . 

Short  Box.... 

Good . 

275  00 

7 . 

Short  Box.... 

Some  wnrn; . 

175.00 

200.00 

1,225.00 

800.00 

4 . 

Short  Platf  m 

Good . 

4 . 

w  Short  Platf  m 

Some  worn . 

150.00 

600.00 

$90,725.00 

15 . 

Gravel. . . 

Good . 

135.00 

2,025.00 

240.00 

6 . 

Snow  Plows,  small. 

Good . 

40.00 

2 . 

Snow  Plows,  large. 
Snow  Plow,  large. 

Good . 

60.00 

120.00 

1 . 

Good . 

80.00 

80.00 

$440.00 

Machinery  and  Tools  in  Machine  Shops. 


Valuation. 

1  Daniel's  Wood  Planer,  125.00 

2  Saw  Benches  and  Saws,  100.00 

1  10  ft.  Iron  Planer  and  Tools,  800.00 

1  4  ft.  Iron  Planer  and  Tools,  150.00 

1  Double  H.  H.  Lathe,  12  ft.  long,  175.00 

1  10  ft.  Bed  Lathe  and  Fixtures,  200.00 

1  12  ft.  Bed  Engine,  Lathe  and  Fixtures,  300.00 

1  10  ft.  Bed  Engine,  Lathe  and  Screw  Apparatus,  275.00 

1  6  ft.  Bed  Engine,  Lathe  and  Screw  Apparatus,  150.00 

1  Bolt  Machine  and  Fixtures,  100.00 

1  Large  Lathe  for  Turning  Drivers,  2000.00 

1  Hand  Lathe  for  Turning  Wood,  100.00 

1  Lot  Taps  and  Dies,  &c.,  125.00 

1  Cylinder  Boring  Machine,  200.00 

1  Upright  Drill,  50.00 


32 


1  Traverse  Jack  and  12  small  Jacks,  150.00 

Benches,  Vises,  Bachet,  and  Hand  Drills,  300.00 

Screw  and  Apparatus  for  putting  on  Wheels,  100.00 

Lot  Augers,  Bits  and  Chisels,  50.00 

1  Hoisting  Crane  and  Chain,  75.00 

4  large  Oil  Cans,  40.00 

Lot  small  Cans  and  Measures,  .  10.00 

14  Carpenter’s  Benches,  &c.,  .  100.00 

2  Fans  for  Blacksmith  Shop,  50.00 

Counter  Shafts,  Pulleys,  &c.,  350.00 

1  Snow  Plow,  50.00 

1  Copying  Press,  10.00 

1  Iron  Safe,  75.00 

1  Watch  Clock,  60.00 


$6,270.00 


Eoad  Tools,  &e. 

Sundry  Tools,  &c.,  on  Sections  and  in  possession  of  the 


Hoad  Master,  valued  at  $4,443,28 

RECAPITULATION. 

15  Engines,  valued  at  87.300.00 

10  Passenger  Cars,  valued  at  15.300.00 

7  Baggage  Cars,  valued  at  5.800.00 

217  Freight  Cars,  valued  at  90.725.00 

15  Gravel  Cars,  valued  at  2.025.00 

9  Snow  Plows,  valued  at  440.00 

Machinery  and  Tools,  valued  at  6.270.00 

Sundry  Boad  Tools,  valued  at  4.443.28 


212,303.28 

Loss  on  above  by  fire  since  January  1st,  1857,  over 

insurance,  estimated  at  4.383.67 


$207,920,61 


F 

Other  Property,  January  1,  1857. 


STOCK  IN  MACHINE  SHOPS. 


Valuation. 

916  lbs.  Boiler  and  Tank  Iron, 

59.54 

1600  lbs.  Spring  Steel, 

120.00 

Bar  Iron, 

1520.00 

Lowmoor, 

140.00 

Cast  Steel, 

216.00 

88 


Square  nuts, 

120.00 

Six  square  nuts, 

90.00 

Straps, 

240.00 

Frog  Steel, 

180.00 

Castings, 

540.00 

Set  of  5J  feet  drivers  and  tires, 

1100.00 

Set  of  5  feet  drivers  and  tires, 

900.00 

Set  of  4  J  feet  drivers  and  tires, 

600.00 

Car  wheels, 

935.00 

Tender  and  truck  wheels, 

768.00 

Set  of  5}  feet  tires, 

435.00 

Set  of  5  feet  tires, 

400.00 

Car  and  truck  axles,  some  worn, 

700.00 

Car  and  truck  wheels,  some  worn, 

340.00 

Old  car  wheels, 

100.00 

Old  steel, 

60.00 

Oak  lumber, 

400.00 

Spruce  lumber, 

120.00 

Tons  coal, 

165.00 

Scrap  iron, 

75.00 

Old  tires  and  axles, 

200.00 

Hand  car  wheels, 

30.00 

Brass, 

58.00 

Oak  Lumber, 

625.00 

Pine  No.  1  lumber, 

300.00 

Pine  No.  2 

400.00 

Cherry, 

3.00 

Mahogany, 

24.00 

Hard  pine, 

12.00 

30  lbs.  rubber  packing, 

12.00 

1000  lbs  flax,  u 

180.00 

100  lbs.  sponge, 

18.00 

80  lbs.  woolen  waste, 

10.00 

150  gals,  sperm  oil, 

187.50 

Lot  of  glass  for  cars. 

30.00 

Lot  of  wood  screws,  assorted  sizes, 

50.00 

Lot  of  nails,  brads,  &c., 

20.00 

Lot  of  patterns  for  engines  and  cars,  &c., 

600.00 

Lot  of  brooms,  pails,  &c., 

25.00 

4  doz.  wrenches, 

60.00 

6  doz.  switch  locks, 

72.00 

3  steam  gauges, 

90.00 

1  set  link  work  and  pumps,  &c., 

205.00 

Safety  valves  and  escape  pipes, 

60.00 

1  new  bell, 

35.00 

2  old  bells, 

25.00 

Wood  work  for  1  car  and  stock, 

200.00 

60  lbs.  curled  hair, 

22.50 

Lanterns,  &c., 

75.00 

3 


34 


Ropes  and  car  trimmings, 

15.00 

Leather  and  new  belting, 

50.00 

12  truck  axles, 

120.00 

1  truck  axle,  new, 

16.00 

533  lbs.  brass  castings 

159.90 

260  lbs.  boxes, 

65.00 

86  lbs.  packing  rings, 

32.25 

16  lbs.  rubber  jaw  springs, 

52.00 

8  lbs.  rubber,  draw  springs, 

42.00 

1  wrought  iron  jaw, 

35.00 

1  set  parallel  rods, 

100.00 

62  yds.  canvas, 

6  doz.  lantern  globes, 

77.50 

24.00 

Inventory  of  files, 

303.96 

$15,045.15 

MATERIALS  ON  HAND  IN  THE  ENGINEER’S  DEPARTMENT, 
OCTOBER  1,  1856. 


Iron  rails,  $11,556.00 

Bridge  and  fence  lumber,  663.51 

Railroad  chairs  and  switch  castings,  340.30 

Frog  castings,  431.58 

Railroad  sleepers,  1,048.00 

Railroad  spikes,  303.75 

Water  fixtures,  163.00 

Miscellaneous  articles,  1,584.41 


16,090.55 

Estimate  materials  used  in  Oct.,  Nov.  and  Dec.,  1,500.00 


14,590.55 

Bridge  lumber  at  Woodville,  3,474.31 

Bridge  lumber  at  Lake  Village,  100.00 


Materials  on  hand  January  1,  1857.  $18,164.86 


WOOD,  LUMBER,  TOOLS,  &c.,  IN  THE  WOOD  DEPARTMENT. 


645  cords  short  slab  wood,  at  Warren  depot,  (a\  $2.00 

$1,290.00 

1200 

U 

4  feet  wood,  at  Warren  depot, 

2.00 

2,400.00 

300 

li 

Knap  wood,  Summit, 

1.50 

450.00 

200 

U 

Swan  wood,  at  Little’s  and  in  woods, 

1.00 

200.00 

225 

U 

Donovan  wood,  in  the  woods, 

1.00 

225.00 

217 

(( 

Kennedy  wood,  at  Little’s  gate,  part  p’d, 

259.00 

718 

t( 

Hoyt  and  Harris’  wood,  in  woods, 

.80 

574.90 

720 

a 

Bowen  lot  wood,  in  woods, 

.65 

468.48 

100 

u 

Due  from  W.  M.  R.  R.  Co., 

2.00 

200.00 

35 


551  cords  Pike  wood,  East  Haverhill 

1.50 

826.50 

1200  “  at  top  of  the  sluice, 

1.30 

1,560.00 

40  u  at  bottom  of  the  sluice, 

1.65 

66.00 

2675  “  at  stations, 

2.25 

6,018.75 

8,791 

$14,538.13 

184  M.  hard  wood  lumber,  (a),  $10.00 

1,840.00 

238  M.  shingles, 

2.00 

476.00 

1274  M.  soft  wood  lumber, 

7.00 

890.00 

400  sleepers, 

.124 

50.00 

30  M.  lumber  in  log, 

4.00 

120.00 

Lot  of  clapboards, 

85.00 

84  M.  plank  in  sluice, 

5.00 

420.00 

17  shantees, 

20.00 

340.00 

1  blacksmith’s  shop,  (rents  for  $40.  per  annum,) 

200.00 

1  tackle  and  fall,  12.00 ;  1  bench  and  vise,  4.50, 

16.50 

1  grindstone,  5.00  ;  3  iron  bars,  6.00, 

11.00 

11  drills,  10.00:  12  tbs.  powder,  2.00:  6  lanterns,  6.67, 

18.67 

3  cross-cut  saws,  15.00;  6  picks,  5.00, 

20.00 

22  shovels,  18.00;  1  set  scales,  14.00, 

32.00 

1  pair  lumber  wheels, 

25.00 

$19,082.30 


MISCELLANEOUS. 


Wood-lands,  &c.,  in  Warren  and  Benton,  cost 
Bonds  due  in  1870,  now  pledged  for  debts, 

15  shares  Wells  Kiver  Bridge,  @  $100, 

70  shares  Winnipissiogee  Steamboat  Co.,  (par  $50.) 
100  shares  White  Mountain  Telegraph  Co.,  (par  $25.) 
White  Mountain  Bailroad  bonds,  (par  $5,500.) 


22,914.54 

26,400.00 

1,500.00 

2,500.00 


$53,314,54 


RECAPITULATION. 


Stock  in  machine  shops,  15,045.15 

Materials  in  Engineer  Department,  18,164.86 

Materials,  &c.,  in  Wood  Department,  19,082.30 

Miscellaneous,  53,314.54 


105,606.85 

Loss  on  stock  by  fire,  since  January  1st,  1857,  over 

insurance,  estimated  at  1,865.61 


$103,741.24 


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40 


II 

Income. 


Time. 

Gross  Receipts. 

Expenses. 

Net  Income. 

April  1 , 1853,  to  April  1,  '54, 
April  1,  1854,  to  April  1,  '55, 
April  1, 1855,  to  April  1,  '56, 

233,234.81 

295,282.31 

286,949.83 

112,400.31 

154,331.17 

163,378.67 

120,834.50 

140,951.14 

123,571.16 

Total  1™*  thro o  years, . 

$815,466.95 

235,354.28 

$430,110.15 

143,206.53 

$385,356.80 

92,147.75 

April  1, 1856,  to  Jan.  1, 1857, 

